David Cameron has warned that if Britain votes to leave Europe, it would spell doom for UK infrastructure investment amounting to billions of pounds. The British Prime Minister said that during such an event, it is entirely possible that important UK infrastructure projects will be the most hit. Jobs would also be hit, the minister warned. The last was his attempt to influence the Labour voters.
Willingness to exit
Cameron's anxiety is understandable as in excess of 300 entrepreneurs and business figures have signed their consent to exit the European Union. The date of the referendum is fixed on June 23. Voters will be asked on that day if they prefer the UK to leave- or remain inside the borders of the European Union.
The vote is only five weeks away and Cameron continues to make the case for staying inside the EU. He said Britain is excellent within the EU due to the benefits given to working people and also British manufacturing. He reiterated that it has adequate experience in the matter and understands how things get done around the world. Manufacturing gets a boost due to the many deals EU has signed with the rest of the world. Cameron also said that shared intelligence make families safe and three million livelihoods were linked to European trade. Many other livelihoods also profit from it due to indirect trade.
The European Investment Bank (EIB) has invested in excess of GBP 16 billion in British projects spanning the preceding three years. The EIB, during the beginning of May, announced funding to the tune of GBP 280 million for expansion of the University College London facilities. It also injected a much needed GBP700 million for financing Thames Tideway Tunnel. Cameron reminded everyone that important projects all over Britain has been EIB financed. He said that leaving the EU will not only snap umbilical cords to this important funding, the presence of smaller economy hit by job losses and new trading barriers will spell doom. It is much harder to collate that kind of money from any alternative source.
The operational sphere of the EIB is outside the budget as formulated by EU and it is financially independent. The United Kingdom is the joint biggest shareholder. The country is also a notable beneficiary. Britain has increased twice the quantum of investment it gets from EIB from 2012. In 2015, the total UK lending went up to GBP 7.77 billion.